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Commercial tax collections surge 36% in Apr-June

July, 13th 2008
The commercial tax collection comprising Orissa Sales Tax/Value added tax (VAT), central sales tax (CST),entry tax, professional tax and entertainment tax surged 36.25 per cent during the first quarter of the current fiscal. It increased to Rs 1114.16 crore during April-June compared to Rs 817.76 crore collected during the same period in the previous fiscal. Substantial increase in the contributions from the corporate sectors like the National Aluminium Company Ltd (Nalco), Mahanadi Coalfields Ltd (MCL), Rourkela Steel Plant (RSP), Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL) and Orissa State Beverages Corporation (OSBC) helped in higher collections, official sources said. The collections from the OST/VAT during the first quarter of the current fiscal was Rs 796.13 crore compared to 606.5 crore in the previous fiscal, recording a growth of 31.7 per cent. In June Rs 364.23 crore were collected which is 27.5 per cent more than Rs 277.66 crore collected last year. The Central Sales Tax (CST) collections increased by more than 100 percent to Rs 158.7 crore compared to Rs 78.97 crore last fiscal. Similarly, entry tax collections increased by 21.3 per cent to Rs 143.58 crore and professional tax collections grew by 11.3 per cent to 15.19 crore. Orissa Entertainment Tax (OET) increased by 9.27 per cent to Rs 34.8 lakh from Rs 25.53 lakh during Apr-June in the previous fiscal. "Higher contributions from the major corporate tax payers, buoyancy in the economy has pushed up the collections fron commercial taxes and we are confident of achieving Rs 6100 crore from this source during the current fiscal", an official of the state finance department told Business Standard. Nalco contributed Rs 21.12 crore during the first quarter which is 14 times more than the same period the previous fiscal. While Rourkela Steel Plant (RSP) paid Rs 39.23 crore (an increase of 93 per cent over the previous fiscal), payments of taxes by the Indian Oil Corporation (IOC) increased by 63 per cent to 145.47 crore. The tax payment by Bharat Petroleum Ltd (BPCL) increased by 53 per cent to Rs 69.67crore.